Canaccord BGF
Vancouver-based Canaccord Financial Inc. has completed its acquisition of 50% of Melbourne, Australia-based BGF Capital Group Pty. Ltd. BGF provides investment banking, sales and trading, research and wealth-management services to private, institutional and corporate clients in Australia and Hong Kong. As a result of the transaction, BGF is now called Canaccord BGF. As well, Canaccord has appointed Canaccord Financial president and CEO Paul Reynolds, executive vice president and chief financial officer Brad Kotush, and lead independent director Terry Lyons to Canaccord BGF’s board of directors.
New law in force
The federal Standing Up for Victims of White Collar Crime Act is now in force. This bill imposes a minimum two-year sentence for people convicted of fraud of more than $1 million. A judge can give a stronger sentence based on “aggravating factors,” including: whether the fraud significantly impacted victims due to their age, health and financial situation; if the offender failed to follow his or her licensing rules or professional standards; and the size, complexity and length of the fraud and how much planning it required. As well, courts can consider community impact statements, which outline the fraud’s effect on a community. Also, the court may force the guilty party to repay his or her victims.
Gaining traction
Since the launch of the Investment Industry Regulatory Organization of Canada’s “AdvisorReport” web page last year, 60,000 people have visited the page to request background information on Canadian financial advisors. “AdvisorReport” provides information on 22,000 advisors at more than 200 regulated investment dealers in Canada, including education credits, employment history and disciplinary actions. Of those 60,000 visitors, 50% identified themselves as being from the financial services industry, 40% from the general public and 10% as “other.”
WFG expands
High River, Alta.-based Western Financial Group has purchased Watrous Insurance Brokers Ltd. of Watrous, Sask. Pat Smith, a local insurance broker with 15 years of experience, will manage the Watrous office. Western Financial is a subsidiary of Lévis, Que.-based Desjardins Group.
Compiled by Fiona Collie
(fcollie@investmentexecutive.com).